Accountancy - 11

       The closing of balance of an accounting year are taken as the ….. balances for the next accounting year

•       NIL    

• Opening

• Debit

• Credit

        GAAP’s are

•     Generally accepted accounting policies

•     Generally accepted accounting principles

•       Generally accepted accounting provisions

•     None of these

A firm has assets of Rs.1, 00,000 and the external liabilities of rs.60, 000. Its capital would be…..

• Rs. 1,60,000  

• Rs. 60,000  

• Rs. 1,00,000   

• Rs.40,000

     The process of transferring the debit and credit items from journal to ledger account is called ……

• Casting

• Posting

• Journalizing

•      Balancing

     A list which contains balances of account to know whether the debit and credit balances are matched is ………

• Journal

• Day book  

• Trial Balance

• Balance sheet

      Sales book is used to record ……..

•       All sale of goods

•    All credit sale of assets

• All credit sales of goods

•       All sales of goods and assets

    Days of grace are …….. In number.

•       Six        

• Five

• Five

• Three

    A cash book with discount cash and bank column is called

•       Simple cash book

•     Double column cash book

• Three column cash book

•       Petty cash book

     Analytical petty cash book is just like the …….

• Journal

• Subsidiary book   

• Bills book     

• Cash book

        Debit balance in the bank column of the cash book mean….

• Credit balance as per bank statement

•    Debit balance as per bank statement

•        Overdraft as per cash book

•     None of the above